The Hindu Business Line : J&N files reference for revival under SICA

JENSON & Nicholson (I) Ltd (J&N) proffered a reference for revival under Section 15(A) of the Sick Industrial Companies (Special Provision) Act, 1985 with the Board for Industrial and Financial Reconstruction (BIFR).

BIFR has registered the reference, and as a result, all proceedings pending in the courts of the country against J&N have since been stalled. Section 15(A) provides the feasibility of revival by way of a scheme to be considered by BIFR.

Godrej Consumer Productions Ltd filed a winding up petition against J&N for recovery of dues and counsel for the company offered to pay a sum of Rs 3,12,378, together with interest at the rate of 12 per cent.

In spite of the offer, J&N failed to clear the dues. The counsel of J&N submitted that the entire issue of revival of the company has been referred to BIFR, hence the matter cannot be taken up for adjudication at this stage.

It may be recalled that several winding up applications have been filed in the High Court, claiming money of over several crores from the company.

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